I think this won't be too bad, as long as you incorporate an extra Z-level or two at the top of your drain area. What you're describing is a normal waterfall-mist generator, with the main difference being you want many tiles of falling water arranged in a circle. The solution will be to take something that works for one tile and scale it up for the whole design.
The key feature that will make your life easier is: pressurized water instantly teleports any distance regardless of a narrow bottleneck.
So, water will fall from the cistern, down through the area you want the waterfall curtain, and for each tile, eventually fall through the bottom-most grate. Below this grate, make sure there is at least 1 z-level (I prefer to leave 2), before whatever drain assembly you build. Assuming you don't have convenient aquifer tiles (or portable minecart drains) to sink the water, there will be some horizontal passageway full of water between your waterfall and wherever the water drains.
As long as you have that extra vertical buffer space above the horizontal drain area, any water that piles up there (under the bottom grate), will instantly teleport to the first available drain outflow. (Like the edge of the map.) How narrow or long the passageway between the bottom of your waterfall shouldn't matter, as long as the total drain capacity exceeds the rate of your waterfalls.
To make it easier, I suggest depressurizing the water at the top of the waterfall by putting a diagonal between the cistern and where water starts to fall.